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699574
Level 2
September 15, 2020
Question

coverdell esa

i have two clients who each want to setup a $2,000 coverdell esa account to a single  beneficiary.

is each beneficiary allowed only one account?

This topic has been closed for replies.

1 reply

qbteachmt
qbteachmt
Level 15
September 15, 2020

Resources:

https://www.irs.gov/taxtopics/tc310

https://www.bogleheads.org/wiki/Coverdell_Education_Savings_Accounts

"Special care must be taken for multiple accounts established for a beneficiary by different donors (for example, a parent and a grandparent) that the $2,000 annual limit is not exceeded, since excess contributions are subject to a 6% excise tax."

 

Just as examples...

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